Keeping your practice financially strong is just as important as delivering quality care. Every year brings new regulatory changes, staffing challenges, and market shifts that can affect profitability. By reviewing core financial indicators on a recurring basis, owners can uncover inefficiencies, reduce risks, and better position their practices for growth. A proactive financial review is one of the most effective ways to ensure long-term success.
Measure Provider Productivity
Tracking patient volume, revenue generation, and efficiency per provider provides a clear picture of how each team member is performing. This analysis can highlight underperformance, reveal risks of burnout, and support more accurate compensation structures.
Key metrics to consider include:
- Patient volume per provider
- Revenue generated per provider
- Appointment efficiency and scheduling trends
Stay on Top of Accounts Receivable
Delays in collecting payments can quietly erode profitability. Reviewing your accounts receivable aging report not only highlights overdue balances but also reveals broader trends in payer responsiveness and patient collections.
Focus on:
- Outstanding balances and overdue accounts
- Payer-specific collection patterns
- Timeliness and effectiveness of follow-ups
Evaluate Scheduling and Overhead
A schedule utilization review helps identify no-shows, underfilled appointment slots, or inefficient booking practices that can cost a practice valuable revenue opportunities. Pairing this with a benchmarking review of practice overhead — including rent, staffing, and supply expenses — provides a comprehensive look at where efficiencies can be gained.
At YHB, we specialize in helping healthcare practices analyze these key financial indicators and translate them into actionable strategies. Contact us today to learn how our team can help your practice thrive in a changing environment.
